A COLLAPSE IS COMING... OF DOMINATION
Hello everyone, friends!
6H So, the asset continues to move according to the expected scenario. The other day, the price clearly worked out the downward support of the local channel, with a fairly deep pin of the support zone of $59,500-61,000.
In May, we saw a similar situation with a false breakout, but then there was a 100% buyback and retest as confirmation of support. Now, as we see, the payback is much weaker, but there is still a possibility of local growth to $64K, from where I expect the decline to continue within the expected scenario to the area of $52K-55K.
If the current support range of $59,500-61,000 is held, then the currently formed Triangle figure will consolidate on the chart and then the asset will continue to shrink within its limits.
As a rule, exit from such triangles occurs impulsively and in any direction. In my opinion, before exiting the triangle upward and continuing growth, there is a high probability of a deep long squeeze to collect buyers’ stops and then continue growth and stop.
Therefore, the scenario of another decline to at least $52K remains valid. In the form of a systematic decline, or in the form of a squeeze.
Before moving on to the Ethereum chart, let's look at the #BTC.D dominance chart
Here we see that, for now, they are not allowed to go above 56% and the index values are again approaching the ascending support at the level of 54%, and there is a feeling that there is about to be a breakdown and a stronger collapse of dominance will begin.
Based on the news background on Ether (let me remind you that in early July the market is highly likely to expect approval of the spot Ethereum ETF), the capitalization of Ether will soon begin to catch up with Bitcoin, including due to the transfer of monetary volumes from Bitcoin to Ether and other altcoins. That’s why I assumed that we would soon see a collapse of dominance, and with it the growth of ether and other altcoins, which would serve as the beginning of the altseason.